Activities on the L2 Unichain testnet
In the first half of October 2024, the decentralized exchange Uniswap announced in their X (formerly Twitter) the creation of its own Unichain network. Along with the announcement, the testnet of the protocol started, and the mainnet will be launched by the end of this year.
Unichain is a decentralized Layer 2 “superchain” designed to accelerate Ethereum’s scaling by moving transaction execution to the L2 network. The protocol team is working to reduce the cost of gas by 95% compared to the main Ethereum network. No fundraising information is available, but Uniswap has $188.8 million invested.
In the early stages, Unichain operates with one-second block processing, but plans to soon introduce sub-blocks with 250ms processing time, which will allow users to make instant transactions, the announcement said.
Uniswap held the largest airdrop ever for this token distribution mechanism. During the distribution on September 6, 2020, the developers distributed UNI worth $6.43 billion (based on a peak asset price of $42).
Given the above, there could be a lot of activity on Unichain, as many drophunters will be interacting with the network in hopes of another airdrop. So even if the team does decide to reward participants with airdrop, they will only be able to do so in small amounts, or by introducing hard eligibility criteria.
The available documents from Unichain at the time of writing do not include information about creating their own token. However, the whitepaper states that UNI staking is required to qualify to become a network validator. Whether the Uniswap token will be a native Unichain token is unknown.
We’ll take a closer look at testnet activity and show step-by-step steps for early interaction with the protocol.
Guide to completing the activities
Note: you need a Metamask-type wallet to pass. If you don’t have it, you can use our guide to set it up and customize it. Also, for more involvement in the ecosystem, you can use the extension Uniswap Wallet (for Google Chrome browser only).
- Getting a test ETH from the faucet to make a bridge transfer.
Note: you can also get the asset on Unichain instantly at the link.
- Go to the bridge. Specify the appropriate networks, the amount of ETH and confirm the transfer:
Note: to increase interoperability with unique protocols it is also worth using the bridge Brid.gg but at the time of writing the service is charging a hefty fee.
- Go to Uniswap, connect your wallet, and in the settings, change the protocol version to testnet. In the network selection, specify Unichain Sepolia:
Note: VPN may be required.
- Perform initial transactions on the network by exchanging ETH for WETH:
- Send a share of ETH to another address using the Sent tab. You can also make multiple transfers via the wallet extension:
- Go to the Thirdweb platform and authorize using the wallet from which you performed the previous steps.
- Next, choose an example of a ready contract and open it:
- Add data about your own token, and then scroll down:
- Check that the Unichain network is specified and click Deploy Now, and once the wallet actions have been confirmed and the transaction has been processed, click View Contract:
- Next move on to the first token mint:
- Mint the desired amount of asset:
- Perform available interactions to accumulate transactions on the network:
- Deploy other ready contracts by analogy.
- Periodically return to interact with the network, creating onchain activity and waiting for new protocols to be added.
Conclusion
Mainnet is scheduled to launch before the end of the year. Unichain aims to reduce the cost of gas by 95% and accelerate Ethereum scaling. The whitepaper indicates the need for UNI staking for validators, but there is no word yet on the creation of a custom token.
Highlights:
- the network is from the project that gave away the largest Airdrop ever;
- does not require the expenditure of real-world funds;
- developer project Uniswap has raised $188.8 million.
If you have any questions while going through the activity, you can ask them in our X.
It will be interesting
